Compare legal limits, fees and the true cost of small loans in your state before you talk to any lender. Compare legal limits, fees and the true cost of small loans in your state.
Credit Unions vs Payday Loans in Danville, VA
1 credit union is headquartered in Danville, with 35,659 members. Credit unions are member-owned and often offer small personal loans and payday alternative loans (PALs) at far lower rates than payday lenders.
- Credit unions
- 1
- Members
- 35,659
- Federal
- 1
- State-chartered
- 0
Credit unions vs payday loan stores in Danville
Danville has 4 payday, installment and title loan stores but only 1 credit unions headquartered here — about 4.0 loan stores for every credit union. Local credit unions count 35,659 members — roughly 60 memberships per 100 residents.
Credit unions
1
1.7 per 100k residents
35,659 members
Payday & loan stores
4
6.7 per 100k residents
4 store chains
Biggest loan store chains in Danville: 1st Franklin Financial (1), Lendmark Financial Services (1), Mariner Finance (1), OneMain Financial (1).
Borrowing $500 for 6 months in Danville
| Option | Payment | Total cost of borrowing |
|---|---|---|
| Installment loan at the Virginia rate cap (36% APR) | $92.30/mo | $53.79 |
| Credit union PAL (28% APR) | $90.27/mo | $41.62 |
| Payday loan renewed every 2 weeks (typical $15 per $100, not available in Virginia) | $75.00 every 2 weeks | $975.00 |
- Monthly payment at the Virginia rate cap vs median monthly household income
- 2.3%
Example calculation with fixed monthly payments; the payday row shows typical out-of-state pricing for comparison. Actual rates and terms vary by lender.
What it means for a household in Danville
- Median household income
- $48,191
- A $400 emergency equals
- 3.0 days of income
- Households earning under $25,000
- 27.7%
- Residents below the poverty line
- 21.4%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Danville are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Virginia
| Payday loan in VA | Credit union PAL | |
|---|---|---|
| Legal status | Not allowed — storefront payday loans are banned | Offered by many federal credit unions |
| Rate cap | Capped at 36% APR (Fairness in Lending Act) | Up to 28% |
| Term | Usually 2–4 weeks, due in one payment | 1 to 12 months, in installments |
| Credit check | Usually none; a bank account and income are required | Membership required; payments can be reported to credit bureaus |
Payday rules: Virginia law as summarized on our Virginia payday page. PAL rules: National Credit Union Administration (NCUA) rules for federal credit unions (PAL I and PAL II); state-chartered credit unions may offer similar small loans.
Credit unions headquartered in Danville
| Credit union | Address | Members | Website |
|---|---|---|---|
| Urw Community Federal Credit UnionFederal | 314 Lowes Dr Danville, VA 24540 | 35,659 | urwfcu.org |
Payday and installment loan stores in Danville
For comparison: storefront payday, installment and title lenders in Danville with addresses, phone numbers and hours. Check a credit union first — a PAL or small personal loan usually costs far less.
| Address | Phone | Hours | Google rating |
|---|---|---|---|
| 145 Holt Garrison Pkwy Ste 150 Danville, VA 24540 | (434) 554-5554 | — | 4.7 |
| 625 Piney Forest Rd #201 Danville, VA 24540 | (434) 793-3522 | — | 4.7 |
| 211 Nor-Dan Dr #1165 Danville, VA 24540 | (434) 316-1640 | — | 4.8 |
| 1155 Piney Forest Rd E Danville, VA 24540 | (434) 836-6076 | — | 4.6 |
More about Danville
Only credit union headquarters are listed, with the address on file with the NCUA; phone numbers and branch locations are on each credit union’s website. Many credit unions also have branches in Danville and nearby — check membership requirements, as some are open to anyone who lives or works in the area. Loan stores: storefront locations of major payday, installment and title lenders; call ahead to confirm hours.